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Future Valuation of Muscle Cars?

ezra

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Thought I'd try to get some insight here.

I'll preface this by saying I love muscle cars of all types (though a '68 Charger is and has been the dream for half of my life, and a '70/'71 Cuda would be the next car after that). I also just turned 28, so I'm on the younger end of the spectrum.

Where do you guys see the values of muscle cars going in the next 20-30 years?

Prices may be "down" now, but they are still far too expensive for many; seems you need at least $20k to get a non-numbers driver in halfway respectable condition, or $8k+ for a total basketcase needing a total restoration. In particular, they are definitely too expensive for younger people such as myself, who face a lot of challenges in terms of lack of upward mobility, home ownership, lack of pension and lifetime employment, etc. It's also an era where everything has a bill to go with it, be it TV, internet, cell phones--all things that weren't around 30-40 years ago. Plain and simple, the cost of living is much higher for young people today, poor economy and high gas prices aside. So, without going political, the cars have that working against them. People my age simply can't afford them. That's strike one.

Beyond that, this is an era where anyone can drop their dimes at the dealer for a 400+ hp car that can run 12s off the floor, pull .9+ Gs on the skidpad, and idle in traffic smoothly with the AC and stereo blasting, or heat your *** through the comfy leather on the cold days. In other words, the cars today can do everything the muscle cars can do, and many things they can't. All with a warranty and no work beyond checking the options boxes. It is a mighty fine time to be buying a new Mustang/Challenger/Camaro, especially with editions like the SRT-8, ZL1, Boss 302, and GT500. Certainly no limit to options. While most of these cars are still too expensive for someone my age, you can get into some base V8 cars for under $30k, which isn't too bad for what you get and the ease of obtaining financing. The superior performance of the current models and their appeal to the younger guys is strike two for the original muscle cars.

Finally, and perhaps a bit touchy, is that the baby boomers who love and know these cars, and have the means to restore and own them, are aging quickly. Someday in the next 20 years, there will be very few baby boomers left, which is a shame as a tremendous wealth of knowledge will be lost, because quite frankly most people in my age bracket just don't know/care. Many of us may think the cars are cool and respect them, but at the end of the day we can't afford them and there are hot new ones at the dealer that we CAN get that outperform the originals. So muscle cars get just a passing thought or comment by many of us while lining up financing for a 2013 R/T. Is this strike three?

I do want to say though, that while I love the new cars too, there is nothing like being behind the wheel of a muscle car. It's not about the power, the lack of handling--whatever--it's about how being behind the wheel makes you FEEL, and no new muscle car can even come close to duplicating that, 650 horsepower or not. Unfortunately again, people my age can't afford them so they never realize this. Even if they can afford them, very few of the young guys who buy a new Mustang GT or Challenger can afford to have it purely as a weekend toy, like a muscle car would have to be. Most people buy the new cars with intentions of daily driving them, or at least somewhat dailying them in nice weather since they can also get close to 30 mpg despite 400 horsepower.

So where are the values of the original muscle cars headed?

Like I said, I'd love a '68 R/T, but I can't afford one now, and despite being a chemical engineer and making the kind of money that should allow me to have something like that, Im fighting an uphill battle just to buy a house, which I'm a few years off from. Wife will likely want kids then, and then by the time they empty nest and I'm 50 or 60, these cars will be 60-70 years old, but those my age will probably look more towards the cars they grew up with--the 5.0 Mustangs and IROCs of the '80s, which is starting to happen already (many IROCs are going for close to $20k for a low mileage original). For the record my first car was a 1990 Camaro RS, which I still have 13 years later. I grew up in the '80s/'90s so that's what was affordable when I was 15, just how it was and I won't let it go for anything. Daily driver is a '98 GT.

So what do you guys think will happen to these cars as time goes on? I saw a '70 Hemi 'Cuda listed for $230k this morning. How long can it stay at a price like that, as the interest is lost as baby boomers pass on and guys my age don't even give muscle cars a thought in this new era where times are MUCH different? On one hand I feel like the value/bubble will burst, but on the other hand I don't see a $230k 'Cuda halving in value anytime soon, either.

Thoughts?

And, just because I want to show you guys, here's a pic of the 305 slug that my generation remembers as kids and will probably look to in the future:

5925393420_595a6a19fa_b.jpg
 
Ezra,

Thoughtful words, and I agree with them.

While there are a few people who may drive a muscle car every day (my son drives a 73 Road Runner as his daily driver), these people are relatively rare. Also, as my son has found out, the cost of gas is prohibitive. This means that in most cases these are not daily drivers, so that means you need a garage to store them, and the funds to have an extra car.

But, to answer your question: I believe that the price of muscle cars will continue to remain strong for quite a while. Eventually, the prices will come down as people who enjoyed and loved those cars are no longer buying them, but that will take a long time, especially for the real desirable models. 53 Corvette's are still worth a fortune.

My suggestion is to buy a "second tier" muscle car, like a 73 or 74 B-body. These are still relatively reasonable, and you can make them perform as well as anything.

Most importantly, as you hinted to: It is easy to blow money on all kinds of monthly fees, but do you REALLY need all that crap? Spend you money wisely, work hard and smart and the house and toy cars will come in time.

Good Luck!
 
For the last few years I'm watched the market and come to the conclusion that these days you should buy for the enjoyment of the car and not look at them as an investment. There are just too many variables to predict what will happen to their values. All investments are supply/demand driven. Economy, Also cloning of rare models... How many times have we put more money into a vehicle, with less return...:violent1:What's affect of future classic cars....

What I'm saying here is, buy, restore, and have fun with these cars....That valve is priceless....:argue:


http://wot.motortrend.com/hagerty-names-its-top-ten-future-collector-cars-–-do-you-agree-162697.html
 
My suggestion is to buy a "second tier" muscle car, like a 73 or 74 B-body. These are still relatively reasonable, and you can make them perform as well as anything.

This is a good point, though even good examples of these have soared. I remember when I was 15, I didn't have much to buy my first car with (got my Camaro as you see it for $4300) and I remember a couple years later nearly trading it on a VERY clean '67 Camaro SS for just $8k; the same lot had a '68 Coronet for a mere $6500, and these were both very, very clean cars. I remember at that time too that you could get '71-'74 B-bodies all day for around $5k, my have those days passed. Still cheaper than the '66-'70 cars though. I think though that many people my age are instead going for the 5.0 Stangs and the third generation Camaros, as these can still be had for just a couple thousand bucks in ok shape. Thing is, even if I wanted to sell my Camaro for a '68 R/T, the $6k or so my Camaro might bring wouldn't even put a dent in the price of an R/T, let alone a driver quality green/green 318 column shift car.

hsorman said:
Most importantly, as you hinted to: It is easy to blow money on all kinds of monthly fees, but do you REALLY need all that crap? Spend you money wisely, work hard and smart and the house and toy cars will come in time. Good Luck!

This is absolutely true. It seems like every time a new gadget comes out (iPad, etc.) everyone feels the need to run out and get it, and it seems more and more that each gadget that comes out is no longer just a gadget like an iPod, but rather something coming with a monthly data bill attached to it. It seems like everyone has a $150 a month cable/phone/internet bill which IMO is asinine, who needs 200 channels which just show repeats of the same episodes for hours on end? Then again I grew up without cable, just had the regular broadcast channels.

My wife and I keep things pretty simple. Our apartment is only about $800 a month for a 450 sq. ft. 1 bedroom, we have no clutter, we refuse to pay for a landline phone, cable TV, or expensive internet (protip--most internet companies bundle in the basic cable package for free with any internet you buy but won't tell you, the Comcast internet installer told me that and sure enough, we get a good number of channels for free, including 4 or 5 in HD), but still a house and toys seem out of reach. Albeit my sin is having the Camaro in the first place as that is my toy and costs money for a monthly storage fee until I finally get a house, but beyond that "luxury" we live well below our means, and still toys, let alone a house is out of reach for the time being. Even still, the Camaro is stock besides being lowered; even over 13 years, the fun money just hasn't been there beyond the maintenance/repairs it takes to keep a 22 year old car running and looking excellent. After having it nearly half my life and being so close to home ownership when I won't need to pay to store it, I won't let it go. We've all heard the stories about regret in selling that first car, so I won't.

I'd really like to see this hobby maintained, but I feel like times are much, much different than they used to be
 
First, a muscle car is a full-size car with high-performance options from the factory. A Cuda is, was, and always will be a Pony car as it is based on the Ford Mustang concept, and was originally classified as a compact car, so it is not a Muscle car. :)

As for pricing, collector cars from the 1950s-1970s have seen their values influenced by a host of factors. The biggest of these was the influx of investment dollars starting in late 1987, when a crash in the stock market sent investors looking for something more secure to invest in. The second biggest influence has been the baby boomers who grew up with these cars and always wanted one. Third would be the performance fans who either drove these cars in the past, or have been hearing about them for decades, and want them. The first, and biggest, of these groups have little interest in these cars aside from as an investment. The second two groups are more enthusiasts first and investors second.

Collector car prices started spiking in 1987, and started dropping around 2003 as investors started finding other places to stash their money. There's been some stability since the financial collapses of 2008 gave pause to investors, but that's not going to last long. The big driver now is most cars bought in the last decade were bought at the top of the price curve, and owners are desperate to recover every nickle they can, and will hold out for high prices as long as they can afford to. This is another situation that can't last forever, and I would expect the weakest members of this group to start selling for lower prices, which will start depressing the values for all cars. Once that happens, prices will drop very quickly as owners start looking to minimize their losses.

As for prices, the concept of the "$8k basketcase" is quickly disappearing. This was a reality for close to two decades, but as the prices of top-line cars go down, so does the price for drivers and parts cars. Many owners of these cars have the same mindset as the owners of fine cars, and want to hold out for everything they can get, but this market is already collapsing as the owners of these vehicles tend to be less affluent and more willing to make a deal. You can still find some $8k basketcases, but they aren't selling. The former $8k basketcases that are now $3k basketcases are taking up the money in the market.

As more and more investors move out of the market, and boomers die off and leave their cars to kids who have little attachment to them, the price of collector cars is going to decline even more sharply than it is now.

As for the enthusiast class, the boomers are dying out and being replaced by lots of kids who have their own era of cars they are interested. These kids lack the emotional attachment to these cars, and will be more willing to sell at a lower price as the price curve turns downward.
 
you must look at what you can do to get yourself into the market. Like Hsorman says you may have to start with a less popular model or less optioned model of what you want. There are plenty in the 10-15k range.
when i started my search for my first mopar i looked at 5 b bodies within 3 states..lots of roadtrips..mine is a 71 satellite that was originally a 6 cyl car, that someone dropped a 383 in, and paint is a 5 footer..interior is perfect. I picked up for under $10g's. I am into it for about $13g's now.
You can pick up an A-body w/ a 318 relatively inexpensive. Or look at maybe at a 66 or 67 b body w/ small v8. you can always add power, engines, etc. I think the most basic start is solid body.
Again, there are deals to be had...be patient. My buddy found (by accident) a 73 challenger w/ a 440 6pk 4spd. for $10g's. It hadn't been run in about 5 yrs, and was garage kept. Sold by original owner's son (dad passed away).
The other thing is that you will def want to have it garaged or covered(depending on your geographics and neighborhood).
Good Luck!
 

Dear Lord, you know things are grim when Hagerty of all lists SUVs, Fiats, and VW breadboxes as the future of collectibility.

And honestly, they put the 4-door Charger on there but not the much sexier Challenger? Perhaps a personal gripe, but I think Chrysler really took a dump on the Charger namesake by putting it on that thing. It's a fine car, sure, but don't call it a Charger. It may be called a Charger, but I don't see a Charger. The Challenger on the other hand is stunning. I don't care for Chrysler crapping on the Dart namesake either for a FWD econobanger, but that's another personal gripe.

I also realize that that list only considers cars built today, but there are actually a few cars from my childhood that are already more collectible than many of those on that list will ever be...Buick Grand Nationals, '89 Twin Turbo T/As (had the GN turbo 6 in them, low mile originals go for upwards of $40k already), and the famed 1LE thirdgen Camaros/Firebirds which were factory SCCA package cars that were not advertised and ordered automatically through checking off a couple oddball option combos...thus very few are out there and they are worth a lot--one went for almost $60k at Barret last year, yes, almost $60k for a thirdgen Camaro).

I gotta say, Hagerty has one interesting list there.:icon_eek:
 
You had a lot of good points but as one of the boomers, I want to say that you have to understand that the muscle cars of my day are not the same as the muscle cars of today. I was lucky enough to be able to buy originals and would have if I would have had the funds at that time. The younger generation of today has a chance to take up where we will leave off. Detroit steel is just that..its not a turbo charged rice burner regardless or where it was built. A 340 car was just as much a muscle car as a Hemi was so to think that you have to own a Hemi car to be considered a muscle car is wrong. I just watched a fully restored AAR go across the Barret Jackson auction block for $50,000.00. I had the same choices to make as you will, family , home and kids but I was able to build my car as time and funds allowed. It wasn't born a muscle car and there were no badges or fancy stripes but at the end of the day it didn't matter because it ran with the best of them, sounded great, was American made and best of all it was a MOPAR.
 
:thinker:...my gosh!! what a great thread this is...lotta deep thinking here and maybe that is what is so great about you guys...I continue to be totally amazed at the level of intelligence I see day to day in the posts I read...all you people are super...Marla
 
Where do you guys see the values of muscle cars going in the next 20-30 years? Down overall. In 20 years, these cars will be 50+ years old. They will be as desirable to the 20-30 year olds as the cars from the 20's and 30's were to us that grew up in the 60's and 70's. There will be interest but it will be a small minority thus driving down prices based on supply and demand. High end cars (Hemi 'Cuda convertibles, Wing cars) will always be high end cars due to rarity and panache. High end cars of the 20s and 30's are still high end cars today.

Prices may be "down" now, but they are still far too expensive for many... People my age simply can't afford them. That's strike one. Again supply and demand sets the price. There will always be people that want something but can't afford it. If everyone could afford something, what ever it is, there would be no demand and therefore no value. I had to prioritize my life in order to be able to afford to buy what I wanted. Did I keep wanting to throw money away at silly stuff or did I want to focus my $$$s on something I REALLY wanted? I changed my lifestyle and upgraded my employment to put myself in a position to afford a car. You can too if you choose to.

Beyond that, this is an era where anyone can drop their dimes at the dealer for a 400+ hp car that can run 12s off the floor, pull .9+ Gs on the skidpad, and idle in traffic smoothly with the AC and stereo blasting, or heat your *** through the comfy leather on the cold days. In other words, the cars today can do everything the muscle cars can do, and many things they can't......The superior performance of the current models and their appeal to the younger guys is strike two for the original muscle cars. Agree. In terms of performance, today's cars trump old school with more value.

The one thing you and your generation can never have is the emotional attachment to cars that my generation had. Our brothers/dads/cousins/uncles/sisters/mom/ourselves bought these cars new or as used second owners. We saw them on showrooms as teens and pre-teens. The cool guys in town drove them. We street raced them. We beat the hell out of them, fixed them with our friends, went and got a six pack and beat on them some more. We drank, dated and held other 'extra cirricular activites' in them. (A new Mustang will never have room in the back seat like my girlfriend's mom's Imperial did :) ) We drove them to school. We yanked out 318s and swapped in 383/440's on hot summer days in the back yards. As we age, they remind us of being 18, innocent and a bit stupid again. They are our time machines. They remind us of being kids every time we drive them. These cars can never do that for you.

You live in a time where most kids would rather have Internet than a driver's license. We lived in a time that every 14-15 YO would die to have a DL. We grew up in a car culture where cars were celebrated in songs, movies and TV. You do not. We were immersed in a car culture. You are not. You do not have the memories or associations to the cars that we do.


Finally, and perhaps a bit touchy, is that the baby boomers who love and know these cars, and have the means to restore and own them, are aging quickly. .....So muscle cars get just a passing thought or comment by many of us while lining up financing for a 2013 R/T. Is this strike three? Yes. See emotional attachment and the comment about 50 YO cars. Guys my age (50's) still don't care about model As. Why should guys your age care about cars that are 50+ years old? They were a part our our youth just like a hot rodded flathead was in my father's day. Your 'time' and perspective is different.


So where are the values of the original muscle cars headed? Over all down as baby boomers die, the demand goes down and the emotional attachment to them dies with us. Have you priced a Model A lately? A stock 40 Ford? Pretty affordable as no one really wants them anymore.

Like I said, I'd love a '68 R/T, but I can't afford one now...you could if you prioritied things. Do you really want beer and pizza more than doing a burn out in a 68 Charger? Do you really want a cell phone more than you want to street race in a 340 Duster? Is the Internet really more important than hitting the local drive in with a 69 RR? Only you can answer that. We all have to make choices in life. I worked hard in order to choose to drive what I want.


And, just because I want to show you guys, here's a pic of the 305 slug that my generation remembers as kids and will probably look to in the future:

Yep...still slugs. ;)

My two cents....
 
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Baby Boomers are still relatively young, a lot of them still in their 50’s so I think prices for garden variety muscle cars (those selling for $50K or less) will remain level or increase slightly in terms of constant dollars. Prices will go up due to inflation, but a $50K car today will most likely cost you $50K in 2012 dollars for the next 10 to 15 years. I just don’t see anything on the horizon to disrupt that market in a significant way. Sure, the baby boomer population will decline over time, but waiting for the baby boomers to die off and depress the market could be a long wait.

As you approach $100K and over and get in to the investment grade vehicles I think the market dynamics are very different. The guys buying these cars are in a different demographic than the rest of us and are probably buying for different reasons. I wouldn’t even venture to guess what might happen at that end of the market.

A quick note on kids, I found parenting to be 10x more satisfying than any wrench turning I’ve ever done. Cars and family can coexist, just keep the priorities right.
 
First, a muscle car is a full-size car with high-performance options from the factory.....

There has never been, and will never be, a valid definition of a 'muscle car'.

Most of the cars thought to be 'muscle cars' and marketed as such sold in the highest volumes (GTO, Chevelles, Road Runners) were mid sized and not full sized (Impalas, Polaras, LTDs).

So a 68 Tri-power Vette, 396 Nova, 383 Dart, 68 SCJ Mustang or '64 427 Fairlane aren't 'muscle cars'?....Try racing one sometime in your 'muscle car' and see what you think.
 
Everybody has good points here. I started buying parts for my car early and storing them because I new they would only go up. I do agree you should buy a 318 car and drop a big block in later. You will be forced to go a little bit at a time because of all the other things yet to come ( house, etc. ). Once you get your car you will have to set priorities. I gave up golf and bowling early on in my build because I wanted to put the money in my car. You will also need a patient wife or girlfriend because a lot of time is taken away from them. I built my car almost totally from 11:00 pm to 3:00am because I have two kids and a wife and did not want to rob them of a Dad and husband. THE FIRST STEP IS BUYING A CAR. Once this is done you will be hooked and will probably change your lifestyle to finish the build. Good luck.
 
The other thing, which Coronetrt69 touched on, was the emotional aspect. Now, if you mean that people my age can't have an emotional attachment to '60s muscle cars, that may be so since we didn't grow up with them, but if you are suggesting we can't have emotional attachment with cars at all, I would disagree, and the rising prices and aftermarket for the '80s cars shows that as prices begin to climb. I've kept my turd polished for 13 years for a reason.

However, overall I think attitudes have changed. As mentioned, back in the day getting a license was a rite of passage, whereas now people just don't care as much. They view cars as simple A to B transportation and are perfectly content driving something absolutely soulless and boring, which personally I can't fathom; then again, I grew up in a household that had nothing but RWD V8 cars. I got my license on my 16th birthday and was salivating. It's hard for me to realize that other people my age didn't, and didn't seem to care to hunt for a hot ride in the weekly Auto Trader magazine. These days people just don't care about cars at all. They only care about a safe, boring sedan that gets 40 mpg, because 35 mpg just isn't enough anymore. When I hear people talking about how sweet a crappy Hyundai Sonata or a Toyota Camry is, I can't help but think "Dear Lord are you boring..." in my head.

Personally I don't get it, but the car culture is largely absent from my generation. There are no songs about cars, no movies like Bullitt, kids just don't give a damn anymore which is a real shame. I find myself listening to the Beach Boys a lot just because they have so many passionate songs about Friday night cruising and hot little cars.
 
not all young people are into the new cars. I'm 22 and I own 7 cars, and the newest car I own is from 1969. I refuse to drive new cars because new cars do not have character like the old cars. I know people like me are few and far between but we are out here. I have driven my pickup truck which is a 1964 model across the US. From the most NW corner of Washington state to Tennessee, And I wouldnt trade that truck for a brand new car if it was offered.
 
Babyboomer

Like many on hear I can add a little insight. I am at the tail end of the baby boomer crowd and like everyone here love the older muscle cars. As mentioned previously that label is very vague. I had a 68 Charger R/T in the early 80's and even then it was a barn find fixer. After it was all done I enjoyed it for a while but life happened and I went almost 30yrs without a muscle mopar. Lst summer I was finally able to "justify" spending the money on another project car. Fortunately I found an all original 68 Coronet in New Jersey for under $10,000. The only investment I want mine for is the great memories it will bring back and give me in the future. I was very fortunate in that my car is in great condition and a joy to work on and make my own.

Since joining FBBO I have made some increadible contacts and purchased parts from all over the US and Canada. My project is just like any great vacation: It's as much about the journey as the destination. As time goes by the number of solid projects diminishes but I often see some great candidates for sale. Not all are Chargers or rare collectors but they are still awesome cars that would make great projects. If you really want a quality car on a limited budget, learn how to do most of the work yourself. And with the quality of people that are on here, that should be easy.
 
...Now, if you mean that people my age can't have an emotional attachment to '60s muscle cars, that may be so since we didn't grow up with them, but if you are suggesting we can't have emotional attachment with cars at all, I would disagree, and the rising prices and aftermarket for the '80s cars shows that as prices begin to climb. .....

"Rising prices for 80's...." reinforces my point. The question was about the future value of 60's muscle cars. Younger generations do not have the memories or emotional attachment to that era of cars. Their memories are centered more on the 80's and 90s cars. As you can see, there are more guys of that particular age coming of age where they can afford the cars of their youth again and they are turning to the 80's IROCs, turbo Lazers, Firebirds, and the rest instead of RR's, 'Cudas, R/Ts, etc because that's what they remember from their youth.

You'll have more people looking for the cars of their youth and demand will going up for the 80's cars and therefore prices. Demand will go down for 50/60's cars as baby boomers die off. Parts will get harder to find for the 60's cars and the aftermarket will move on to something that has higher demand. (New AMD fenders for your Grand National anyone?)

Over generations, interest in cars in general will go down due to the utilitarian view of cars instead of a personal statement, lack of ability to work on them, rising costs for energy and repairs and other cultural interest.

Cars won't be cool anymore. Owners will be viewed 'environmentaly dangerous, self indulging, cultural outcasts for being so un-green'. Cars as vehicles for pleasure will be a thing of the past.
 
I watched the Barret Jackson auction these past couple of day and was amazed with what people paid for "Clones" with some bringing over $100,000.00 for none matching or never made combinations and most were the cheaper cars to restore. If you take a moment to consider that with new re popped bodies being made available there will be an endless supply of 60's style cars around although so far the selection is limited.

When I was growing up a "Pony" car was every bit a muscle car and the GTX and Road Runner were in many cases larger than the previous B-bodies. Cars like the Road Runner, GTX, Charger and sub models were considered intermediate-bodied cars and while only slightly smaller in size compared to C-bodies, the main difference was in weight, available trim and drive train choices.

Being that there seems to be a following for resto-mod type cars I think that having a "Matching Numbers" car will become less and less important as time passes. There will still be those who have large sums of money that will search out "correct" cars but I feel that for the biggest part people will build what they want without any concern with correctness because as time passes the only ones who can point out their faults will be dead or don't care. Being that the original question was,
"Future Valuation of Muscle Cars?" this will cover all years, all models and all makes.

The biggest thing to consider is this....to one person a muscle car may be a 60's style while to another it may be a late 70's or 80's model with each age group setting the definition of what they feel fits into that catagory. The one thing thats for sure is that as long as the US companies keep pumping out cars that resemble those of an era long gone there will be those who still search junkyards in the hopes of finding that one car that they remember as a kid and the cycle will start all over again.
 
After reading this post it reminded me of back in the early 80's. I wanted 39-40 ford coupe hot rod really bad. But the price for a nice coupe was out of reach for a 22 year going to college. The guys that had those cars were usually in their 50's and most were older. I remember thinking at some point the price would go down as these guys started to die off. 30 yrs later I still don't have a Ford coupe because they are still expensive. Not only are the original steel cars expensive they are so popular they are reproducing bodies. I think muscles cars are going to be popular 20 yrs from now. Yeah the economy is down and the prices are down on muscle cars but go back and find a collector car price guide from like 1999 and you will be amazed when you see what a superbirds value is.
I'm still waiting to get a ford coupe for a good price
 
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